Ethereum Crash Chaos: Hackers Sell, Whales Buy as ETH Plunged to $3.5K

Ethereum joined the rest of the market in the past day by plummeting to a multi-month low of $3,500 before recovering slightly to $3,850 as of ￰1￱ this harrowing crash, different investors showed various behavior types, from mass selling to buying the ￰2￱ ETH flash crash in the summer of 2017 is the closest event I can think of in comparison to what happened ￰3￱ during the Covid crash I can’t remember so many major alts losing so much so ￰4￱ with this liquidation cascade was it was in a more… ￰0￱ — K A L E O (@CryptoKaleo) October 11, 2025 Who’s Selling and Buying? Data from Lookonchain revealed that even those who have not used their own money to accumulate Ethereum decided to dispose of some of their illicitly amassed ETH ￰5￱ wallets reportedly related to hackers dumped over $20 million worth of ETH, which was purchased just over a week ago from illegal proceeds.

Thus, they took a substantial $3.7 million ￰6￱ contrast, the monitoring resource noted that whales and institutions seem unfazed by the market-wide ￰7￱ report indicated these types of larger investors had continued to accumulate ETH. A wallet likely related to Bitmine withdrew $126 million worth of ETH, while an OG whale purchased 14,165 ￰8￱ and institutions are still accumulating $ETH amid the market ￰9￱ new wallets(likely belonging to #Bitmine ) withdrew 33,323 $ETH ($126.4M) from #FalconX and #Kraken. OTC whale bought 14,165 $ETH ($55.5M) through #FalconX , #Coinbase , and #Wintermute .… ￰10￱ — Lookonchain (@lookonchain) October 11, 2025 However, Ethereum’s crash harmed Tom Lee’s Bitmine Immersion, turning its position into a paper value loss of nearly $2 billion at one ￰11￱ Withdrawn From Exchanges Ali Martinez, the popular crypto analyst with 160,000 followers on X, confirmed the narrative that investors have been withdrawing their ETH from centralized ￰12￱ shared a post showing that 230,000 ETH have been taken off trading platforms, which is typically regarded as a bullish development as it reduces the immediate selling ￰13￱ a USD perspective, this stash is worth almost $900 million at current prices, given ETH’s drop to $3,850 as of press time. 230,000 Ethereum $ETH withdrawn from exchanges in 48 hours! ￰14￱ — Ali (@ali_charts) October 11, 2025